Housing market hit by uncertain economy

RICS fires a housing market warning

RICS has reported that an increasing number of surveyors claim an uncertain economy is holding the house market activity back.

According to the RICS, this was considered to be a bigger issue than other key factors such as availability of mortgages and worries over falling house prices.

The result of a survey carried out by RICS showed that there had been a slight increase in buyer demand and sales in November, plus there had also been a "modest increase" in buyer enquiries for a third consecutive month with another survey finding that there are also regional price changes.

Housing market Subdued by uncertainly economy

In the three months till the end of November, the average number of sales for a surveyor per branch had risen to 15.4 compared to 15 a month earlier.  This number of sales was the highest since last September. With surveyors promising sales to increase in the coming months.

However, the number of surveyors who expected the prices to fall outweighed the number who thought it was going to increase, due to the prolonged period of subdued activity.

RICS' housing spokesman said that "A meaningful recovery still seems some way off".

Uncertain economy affecting house prices

According to the BBC news website: "The governments own house price index shows a continuing variation towards how the uncertain economy is affecting house prices.

The Department for Communities and Local Government advised that across the UK as a whole, house prices were up 0.6% in October compared with the previous month, but down 0.4% on a year earlier.

However, over the year to the end of October, prices fell by 0.2% in England, 0.5% in Wales, 1.5% in Scotland, and 12.1% in Northern Ireland."

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